...Improved Operating Earnings: Voya Financial, Inc.'s (Voya) ongoing adjusted operating earnings have shown consistent improvement over the past five years. The company aims to further improve operating earnings by continuing to focus on higher margin and less capital- intensive products in its three core business lines, expanding its distribution strategy and investing in technology initiatives. Ample Debt-Servicing Capacity: GAAP-adjusted operating earnings-based interest coverage was 7.4x in the first half of 2015 and statutory interest coverage was 4.6x. Cash and short-term investments at the holding company were $773 million at June 30, 2015, in excess of management's target of 24 months liquidity, or roughly $450 million. Strong Statutory Capital: The statutory capitalization of the primary life insurance operating companies remains supportive of the ratings. Fitch Ratings expects reported RBC to remain in the 425%-450% range over the intermediate term, driven by improved statutory...
